Copper Hits New Lows, Mining Expansions On Hold, Copper Miners Down Sharply
By Bob Johnson: On Wednesday, May 30, LME Spot Copper closed at $7645 a tonne. This figures out to $3.40/lb. This is the year-to-date low, and is 26% below the 2011 high. Whether "Dr. Copper" truly has a PhD in economics and can predict the future of the economy is open to debate. Whether it is a leading indicator or a reflection of the market, one thing is certain, this does not bode well for copper miners.
The London Metal Exchange
Just three weeks ago I stood in the guest gallery overlooking the trading ring at the London Metal Exchange (LME) at 56 Leadenhall Street, in London. Established in 1877 and located in the heart of the City of London, the London Metal Exchange is the world's premier non-ferrous metals market. The LME spot price of copper that day, May 10, 2012, was set during the first session's second ring (official) at 12:30Complete Story »